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Retirement

Five years ago pension auto-enrolment was introduced. Employees and their employers are both now obliged to pay a sum corresponding to a small percentage of the employee’s income into a workplace pension.

When it comes to drawing an income in retirement, there is one stark diff erence between an Isa and a Sipp: withdrawals from an Isa are tax-free, while only 25 per cent of your pension pot can be taken as tax-free cash.

After more than 30 years advising readers about their investments, savings and pensions, I now find myself having to take my own advice. Early next year, I plan to wind down my journalism and start drawing my pension.